Sales of single-family homes are slowing in many neighborhoods around the Chicago region. Austin was one area that saw a significant drop in sales for the second consecutive year during the first quarter.
According to data from the Chicago Association of Realtors, a total of just 29 homes were sold in the neighborhood during the first quarter, down from 60 homes sold during the same period in 2007. Sales fell from 90 units during the first quarter 2006.
Meanwhile, prices were affected by the drop in demand in the neighborhood. The average sales price for single-family homes sold during the quarter fell by 20 percent from the same period last year. Prices could continue to fall in the short term as the market gets crowded with unsold homes.
If you’re selling your home in Austin, it will now take you an average of 144 days to find a buyer, up from 84 days just a year ago. This will continue to put downward pressure on prices for homes in Austin in the short term.
If you’re looking for affordable single-family homes in Austin, keep an eye out for falling prices for Chicago Homes For Sale in the neighborhood over the next few months.
Technorati Tags: Austin Homes For Sale, Chicago Real Estate, Chicago Homes For Sale
